(VIANEWS) – Copper (HG) has been up by 4.98% for the last 10 sessions. At 22:50 EST on Friday, 25 November, Copper (HG) is $3.63.

Why is Copper Future Going Down?

Traditionally, copper prices have been seen as a leading indicator of the global economy. But the price has been falling in the last two weeks. This could mean economic hardship.

The global economy is lagging, according to many analysts. It appears that copper prices are reflecting investors’ bearishness. And the market is attuned to higher interest rates. That’s why it’s a good idea to pay close attention to the short-term trends in copper prices.

UBS analysts have predicted that copper prices will fall in the second half of 2019. They see the market tumbling between $2.75 and $3 per pound by the end of this year.

Copper prices are down more than 24% from their March highs. This is due to disruptions in the copper mining industry and refining. The market also has to deal with a shortage of supply. During a period when economic growth is slowing, supply is not likely to meet demand.

However, there is still some positive news. Demand for copper is likely to pick up in the next six months, as Chinese President Xi Jinping calls for an “all-out” infrastructure building effort.

The Chinese government has set up a state investment fund for major infrastructure projects, boosting demand. It also plans to buy up industrial metals and accelerate production. The increase in electric vehicle adoption bodes well for copper.

Copper has also been hit hard by a strong dollar. The dollar has climbed to over 100 on the dollar index, which could hurt prices of commodities priced in dollars. Similarly, the Chinese property sector could shrink, reducing demand.

Volume

Today’s last reported volume for Copper is 43569, 99.99% below its average volume of 16548015963.22.

Volatility

Copper’s last week, last month’s, and last quarter’s current intraday variation average was a negative 1.52%, a negative 0.94%, and a positive 1.76%, respectively.

Copper’s highest amplitude of average volatility was 1.60% (last week), 2.26% (last month), and 1.76% (last quarter), respectively.

Commodity Price Classification

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Copper’s commodity is considered to be oversold (<=20).

More news about Copper (HG).